The University of Kent has reported an underlying deficit of £12 million for last year and expects an even bigger shortfall of over £30 million in the current year, citing an “unexpected downturn” in returning students amid the cost-of-living crisis and “post-pandemic learning”, plus a wider crisis in university funding.
Kent previously outlined proposals that would see it “phase out” courses in modern languages, philosophy and other areas in favour of growing provision in subjects such as law, business and computing, with up to 58 academic posts at risk of redundancy.
The university’s 2022-23 financial statements, published belatedly, now offer more detail on its financial issues, reporting a “significant underlying deficit of just over £12 million” and the raising of £30 million from a “lease and leaseback transaction” on one of its student residence properties.
Kent’s “statutory reported performance” for the year was a surplus of £4.9 million, but this included a one-off benefit from pension valuation movements of £16.1 million.
